TimeGate files for bankruptcy

TimeGate Studios, developer of the Section 8 games, and most recently (and infamously) contributed unspecified work on Aliens: Colonial Marines, has filed for Chapter 11 bankruptcy in Texas. Polygon reports that the court documents reveal that money owed to creditors and total liablility ranges from $10 million to $50 million.

TimeGate’s top creditors include companies like Unreal Engine developer Epic Games, online game service Agora Games and transmedia developer DJ2 Entertainment. Creditors listed in court documents also include a local pizzeria, to whom TimeGate owes $34.80, and video game agency Birthplace Management Group, which is owed $20,539.20.

TimeGate recently lost an appeal against Southpeak Interactive for ownership of the Section 8 property and $7.35 million in damages as part of a fraud countersuit.

The status of their currently in development game, Minimum, is unknown.